When we are stressed about money it's not only our bank account that takes a hit. Financial stress is one of the most common and persistent forms of stress in the world. Managing money is a big part of being an adult and it can be overwhelming on relationships and our health. See below some tips that may help you with those struggles.
1. Create a budget and track your expenses to gain better control over your finance's.
2. Cook at home more often instead of eating out to save money on meals.
3. Use cashback or rewards credit cards for everyday purchases to earn extra benefits.
4. Shop with a list and stick to it to avoid impulse buying.
5. Take advantage of sales, discounts and coupons when shopping for groceries or other items.
6. Cancel unused subscriptions or memberships to save money each month.
7. Pack your lunch for work instead of buying it to save on daily expenses.
8. Buy generic or store brand products instead of name brands to save money without sacrificing quality.
9. Make a meal plan so you aren't tempted to go out and eat. If you want to stick to your budget each month, then create a meal plan before the week begins.
10. Keep your savings account separate so you're not tempted to touch it. Make its a little more difficult to take money out of your savings account. Your future self will thank you!
11. Pay your debts first! Simply paying off debt right away will help you stay on track to reach your money goals quicker.
12. Be prepared for unexpected expenses. There will come a time when your car breaks down, your pet need to visit the vet, or you have an unexpected house repair. To help prepare for these types of expenses, set up sinking funds in your budget each month.
13. Use energy efficient appliances, turn off lights and electronics when not in use to reduce utility bills.
14. Consider buying second-hand items or borrowing from friends for things you dont need long-term.
15. Negotiate bills and services to potentially lower your monthly expenses.
16. Automate savings by setting up automatic transfers from your checking to savings account.
17. Use each envelopes to allocate specific amounts from different spending categories.
18. Take advantage of free activities and events in your area for entertainment.
19. DIY whenever possible, whether it's home repairs, cleaning or personal care.
20. Sell unwanted items online or at a garage sale to declutter and make some extra cash.
21. Utilise price comparison websites or apps to find the best deals before making a purchase.
22. Use public transportation, carpool or bike instead of driving to save on transportation costs.
23. Buy seasonal produce. Produce in season is more likely to have more of the vitamins and nutrients you're looking for in your food, and because less money has been spent on shipping, its often cheaper.
24. Use reusable coffee cups at cafes to get a discount. If you take reusable cups to some cafes they may give you a discount for the price of the cup you aren't using, as you are using your own.
25. Put your spare change in a jar.
26. Write it down before you buy it (30 day rule)
If you really want to purchase a high-ticket item, write it down. Keep it written for 30 days before you take the plunge. If you forget about it or just decide after a month that you don’t really need it, you’ve saved yourself from an expensive purchase.If you still want it, at least you’ll know that the item will be used.
27. Stop upgrading your phone.
You might think you're getting great deal, but you are pretty much renting your phone for a much higher price.
28. Get a side hustle.
It doesn't have to be a full-time commitment. It can be something you genuinely enjoy.
29. Identify your wants vs needs.
A need is something that you absolutely must have in order to survive and exist, like food, water, and shelter. Wants are things we we desire or crave but don't really need, such as upgrading your phone to the latest model.
30. Find free or cheap swaps.
31. Grow your own herbs and food.
No matter if you have a full yard or just a balcony, there are always ways to grow your own foods and herbs to save money at home.
32. Do a weekly financial check in
Take some time during the week to review your, expenses, savings goals, and spending habits.
33. Join Buy Nothing Groups.
These are people who come together as a community on places like Facebook to give away unwanted goods or services free of charge.
34. Share housing costs.
You can get one or several roommates, and share the cost of one rental, rent your home as an Airbnb while you travel, or you could look into property investing and buy a duplex.
35. Kick bad habits.
Good habits will slowly compound into good and better results and bad habits will slowly compound into bad and worse results.
36. 50-30-20 Rule
Recommends putting 50% of your money towards your needs, 30% toward your wants, and 20% towards your savings.
37. Energy efficient light bulbs to save on electricity costs. These bulbs use less energy and last longer then traditional light bulbs. This can save you money on your electricity bill in the long run.
38. Make your own cleaning supplies instead of buying them.
39. Use reusable shopping bags instead of buying plastic/paper bags at the shops.Using a reusable shopping bag is a simple way to save money and reduce waste.
40. Use a low-flow showerhead to save on water costs. It can also help reduce water usage and conserve water.
41. Shopping for produce at local farmer markets is often cheaper and fresher than buying produce at a supermarket.
42. Shop for holidays decorations after the holidays are over. Will save you a lot with the clearance sales.
43. Have a separate email for saving on online shopping. This is email address that you will give out to stores when they ask for it, and this is the inbox where you'll get promotions, coupons, sales and etc.
44. Try a no spend challenge. Try challenge yourself not to spend money for a certain period of time. You can do it for specific budget categories, or you can completely eliminate all of your spending.
45. Learn how to cook. Spend some time researching recipes you like and perfecting them. There's no shortage of cooking videos online, so not knowing how to cook is no longer an excuse to spend money eating out.
46. Pack snacks for when you are out and about. Try to get in the habit of bringing some snacks with you when you are out for the day to keep you going without the need to buy anything.
47. Buy in bulk. It may seem more expensive upfront, but its usually cheaper to buy larger quantities of items. A great way to check this is by looking at the cost per 100ml or per 100g.
48. Dont waste money on ATM fees. Paying $2 here and there for an ATM withdrawal might not seem like much, but if you are doing it twice a week that's $208 over a year gone to fees.
49. Claim eligible tax deductions at tax time. For example, if you've paid for any work related expenses throughout the year you can claim the cost as a deduction.
50. Cut down on alcohol intake, not only is drinking less alcohol better for your health, but it'll help you save more money.
51. Track your transactions (everything).
Everyone has different priorities when it comes to money ...what's yours ?